Summary: Yesterday, Egypt’s GASC purchased 60,000 MT of wheat. That is the smallest quantity purchased since January 2017. However, Egypt did cancel a tender in January 2018 when no offers were received. Only 3 firms participated in the tender vs 12 houses that made offers in a tender held by Tunisia around that same time. The…
Summary: China’s “spot” soybean crushing margin today was -70 Yuan/MT, down from the previous week’s -37. The “forward” margin was -133 Yuan/MT vs last week’s -86. The forward margin was 22 Yuan below what it was the previous year. In its first “official” projections for 2018/19, USDA pegged China’s imports next year at 103 MMT. The projection for 2017/18 was left unchanged at…
Summary: Brazil shipped 2.17 MMT of soybeans last week. That’s down from the previous week’s 3.02 MMT and less than last year. In comparison US exports were 688,000 MT. Brazil’s export “commitments” rose to 41.69 MMT, 4.66 MMT above last year. This is a record for this date. In the May WASDE, USDA pegged exports at…
Summary: Next week ’s export inspections is expected to be 665,000 MT (24.4 Mil Bu). If this is correct, that would be up from the previous week’s 534,000 MT. This week’s ship lineup is 785,000 MMT. That is up 30% from last week and the largest in 8 weeks. This week’s lineup is 56% larger than last year. There were 21 vessels to-be-nominated (TBN). …
Summary: China’s “spot” soybean crushing margin today was -37 Yuan/MT, up from the previous week’s -113. The “forward” margin was -86 Yuan/MT vs last week’s -89. The forward margin was 28 Yuan above what it was the previous year. China’s April imports were 6.9 MMT. That is well below what was indicated by shipments from the principal exporters. For the first…
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